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Bank charges: Barclays account connected to money laundering

Barclays bank has been dragged into an international money laundering case after it was discovered that one of its accounts was held by the electronic currency exchange service, Liberty Reserve.

The service was recently seized in the US as it was accused of siphoning off $6 million (£3.9 million) to criminals such as drug dealers.

US authorities discovered that the founder of the service, Arthur Budovsky, had an account with Barclays bank.

Barclays has agreed to cooperate with US authorities on the matter, who asked that the bank hand over information on the current account.

Yet, while Barclays has not been accused of any wrongdoing itself, it is unlikely that its connection to the case will afford its reputation well.

Chief executive Antony Jenkins has been trying to repair the damaged image of the bank following a year of bad press in 2012, when it was fined £290 million for its involvement in the Libor fixing scandal.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801593854-ADNFCR



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